SpaceX Revenue Jumps 92% in First Earnings Report

SpaceX's revenue jumped 92% in the company's first earnings report, with artificial intelligence computing deals and Starlink satellite growth fuelling the results, the company said in a statement.

The firm also continued to spend heavily, with capital expenditures exceeding US$18 billion in the three months ending in June. More than 86% of that spending went to its artificial intelligence division.

Starlink's satellite connectivity service grew to 12 million subscribers, doubling from a year earlier. The company reduced its net loss to US$541 million.

During a call with analysts on Tuesday afternoon, chief executive officer Elon Musk and chief operating officer Gwynne Shotwell both sought to reassure investors that SpaceX is successfully evolving from being primarily a rocket company into a conglomerate with AI at its core.

The market response, however, was cool. SpaceX shares dropped more than 7% during after-hours trading.

Investors remain skeptical even with SpaceX beating expectations, Emarketer senior analyst Gadjo Sevilla told AFP.

"I don't think people want to hear promises about the next five years or a mission to Mars," Sevilla said. "Everyone knows that will take time. They want to see how the value can be turned around as quickly as possible."

The maiden earnings report offers investors their first detailed look at the finances of a company long known primarily for its rocket programme, and which has since expanded into satellite connectivity and, increasingly, AI computing.